UK hosts 5th UK-UAE Joint Economic Committee to boost bilateral trade
皇冠体育app UK hosts the 5th UK-UAE Joint Economic Committee in London to boost trade and investment ties.
- 皇冠体育app UAE and UK affirmed their commitment to continue deploying UK Export Finance鈥檚 拢9 billion market capacity to support British exports to and investment in the UAE;
- Liam Fox calls UAE a 鈥渘atural home for British business in the Middle East鈥�.
Yesterday (Wednesday 24th April) the Department for International Trade hosted the 5th UK-UAE Joint Economic Committee (JEC), the first for four years, at Standard Chartered鈥檚 HQ in the City.
皇冠体育app government to government meeting, led by Baroness Rona Fairhead, saw a wide-ranging discussion on bilateral trade and investment, the Expo 2020 Dubai, and ways to increase market access and enhance cooperation on standards.
皇冠体育app meeting saw the British and Emirati governments agree to develop a new economic partnership statement which will set out a mutually agreed approach to enhancing the UK-UAE trade and investment relationship.
Both sides also affirmed their commitment to continue working together to deploy UK Export Finance鈥檚 拢9bn capacity for UAE (拢4 billion for Dubai in addition to 拢5 billion across UAE). 皇冠体育app 拢9bn can be used to underwrite deals for UK companies operating in the UAE. In the last 3 financial years, UKEF has provided 拢1.2 billion in support for projects in UAE, and this commitment will help encourage further uptake of the support on offer.
International Trade Secretary Dr Liam Fox MP said:
皇冠体育app UAE is one of our most important trading partners 鈥� it is our 4th largest export market outside of Europe and accounted for 拢10.5bn of UK exports in 2018. 皇冠体育app importance of this market to the UK will only grow as we leave the European Union.
Meanwhile, investors from the UAE are part of the reason why the UK remains the top destination for foreign investment in Europe 鈥� with FDI growing here while it is falling on the continent. Emiratis continue to recognize the fundamental strengths of the UK economy and now have more than 拢5bn of UK assets*. This is not just investment in the London property market 鈥� it is investment that works for people across Britain, creating jobs everywhere from Gatwick Airport to Manchester City Football Club.
Our links with the UAE are deep. Some 100,000 UK nationals live in the UAE and a million UK tourists visited Dubai in the first half of 2018. This familiarity, combined with a stable business environment, make the UAE a natural home for British business in the Middle East 鈥� a commercial hub which can be used as a springboard to the rest of the region.
And the British government is on stand-by to support those companies who want to enter the UAE market 鈥搉ot least through up to 拢9 billion in UK Export Finance support for British firms exporting to or setting up in the UAE. 皇冠体育app Joint Economic Committee my department hosted today will help improve the access British businesses have to this vital market.
皇冠体育app next meeting of the JEC will be held at Expo 2020 in Dubai.
Total trade in goods and services (i.e. exports plus imports) between the UK and United Arab Emirates was 拢16.3bn in the four quarters to the end of Q3 2018.
ENDS
- 皇冠体育app stock of FDI from United Arab Emirates in the UK was 拢5.4bn in 2017, 26.3% higher than in 2016.